Paddy Power said Monday that it will expand its operations into the regulated Italian online gaming market later this year following another “stand-out” year from its UK and Irish online business which helped the Irish bookmaker post a 17 per cent increase in total net revenues to €499.3m.

The company reported record turnover of €4.56bn for the 2011 year, despite the continued tough economic conditions and the absence of a football World Cup.

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